POSH Terasea is a joint venture between PACC Offshore Services Holdings Ltd. (“POSH”) and Terasea Pte. Ltd.,
which is in turn a joint venture between Seabridge Marine Services Ltd. and Ezion Holdings Limited.

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POSH Terasea was awarded the project after a competitive bidding process. As part of the project,
POSH Terasea will undertake to tow the Shell Prelude FLNG over 3,000 nautical miles from Samsung Shipyard in Geoje,
South Korea, where it is being built, to Australia, where it will be deployed.
It will then position the FLNG before it begins production at the Prelude gas field in the Browse LNG Basin,
200km off the northwest coast of Australia. POSH Terasea will be in charge of the overall towage project management.

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President and Director of POSH Terasea Eric Ng, said:
“Towing and positioning a Floating Facilities that is about four times the size of a football field from Korea to a gas field in
Australia will be a massive and complex undertaking. We are excited to be entrusted to play such a critical role in this
milestone development and look forward to successfully delivering on yet another project.”

The Shell Prelude FLNG facility is 488 metres long and 74 metres wide and has a fully loaded displacement capacity of about 600,000 tons.
It has around 260,000 tonnes of steel in the facility alone, around five times the amount of steel used to build the Sydney Harbour Bridge.

Chief Executive Officer of POSH, Captain Gerald Seow, said:

“We are proud to be part of what will be a landmark project for the entire oil and gas industry.
This contract win is testament to POSH Terasea’s strong track record as the world’s leading offshore transport and installation services provider.
“This also underscores POSH’s differentiated business strategy to diversify across the offshore services sector,
especially in areas with strong prospects like deepwater transport and installation.”
Source:.poshterasea.com.sg

BP to Cut About 4,000 Exploration and Production Jobs as oil prices continue to fall

BP PLC said Tuesday it would slash about 4,000 jobs from its exploration-and-production unit—about one-sixth of
the staff in that business—over the next year or so, the latest in a wave of cuts across an industry beset by plummeting oil prices.

BP’s cuts will affect workers in places including Angola, Azerbaijan and the U.S., a spokesman said, where BP has big oil-and-gas production operations.
Some 600 of the cuts will come from BP’s operations in the North Sea. The company currently has about 3,000 employees in the North Sea,
and 24,000 exploration-and-production employees world-wide, the spokesman said.

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BP’s announcement comes after many of its rivals announced similar levels of job cuts in response to oil prices that have fallen by
more than two-thirds since mid 2014. U.S. oil was trading just above $31 on Tuesday, brought lower by a Chinese slump in energy demand,
a continued world-wide crude glut and a strengthening American dollar.

In the U.S., Chevron said last year it could cut between 6,000 and 7,000 jobs. France’s Total SA ast year said it would cut 2,000 jobs by 2017.
Norway’s Statoil AS A said it would get rid of up to 1,500 permanent jobs and 525 consultants this year in a $1.7 billion cost-cutting program.
The company had previously cut 1,340 permanent jobs and 995 external consultants since the end of 2013.
Royal Dutch Shell PLC said in July it would slash 6,500 jobs, and could make further cuts in the wake of its planned acquisition of BG Group PLC,
expected to be completed in February.

Unlike its competitors, BP has been planning a major staff reduction unrelated to the oil price for more than two years.
After its 2010 Gulf of Mexico disaster that killed 11 workers and sullied the U.S. coast,
BP sold more than $40 billion in assets to pay legal and cleanup costs.
Those sales shrunk the company’s operations, but not its head-count—in late 2014, BP said it had more than 84,000 employees.
Chief Executive Bob Dudley announced a $1 billion restructuring plan to be implemented last year that would save money partially through staffing cuts.

Overall, BP still has about 80,000 employees, the spokesman said. BP cut about 4,000 last year, the spokesman said.
He said the cuts announced Tuesday are in line with the cost-reduction plan and in response to low oil prices.
The spokesman said the cuts would include layoffs and eliminating positions through attrition.

Last fall, BP announced a plan to cope with the oil-price crash, intending to shift the company’s operations by 2017
so that its cash flow would cover its spending at $60-a-barrel oil, nearly twice the current price.

Since the price slump, the oil industry has seen some 250,000 layoffs world-wide, according to Houston consultancy Graves & Co.
Santander analyst Jason Kenney said he expects to see the even more layoffs in coming months as companies struggle to cope with falling revenue.

“We need to see significant disinvestment going forward,” he said.

There appears to be little relief in sight for oil companies. Investment banks have sharply cut their price outlooks in recent weeks.
Brent crude, the international oil price benchmark, will average $50 a barrel this year,
according to 11 banks polled by The Wall Street Journal, down $7 from the previous month’s survey.

The Netherlands-based company Vroon announced earlier today that it has taken the delivery of the company’s newest platform-supply vessel - VOS Primrose.

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Image: Vroon
Following delivery to Vroon during a ceremony held on Jan 4 at Fujian Southast Shipyard,
the vessel left the Shipyard yesterday (Jan 14) on her way to Hong Kong.

VOS Primrose is a KCM-80m platform-supply vessel (PSV) and the third in a series of eight sister vessels ordered by Vroon Offshore Services.
All vessels have an SPS code and are equipped with full (under-deck) supply capabilities, that include stainless-steel tanks for the carriage of methanol.
They provide accommodation and workspace for a total complement of 52 persons (comprising client staff and up to 14 crew members).

The unique vessel concept provides a free deck space of 720 m2 and is based on a design by Khiam Chuan Marine (KCM).
In close cooperation, KCM,, Vroon’s Newbuilding Engineering Department,
the world-renowned yacht designer KER Yacht Design & Engineering and Force Technology in Copenhagen worked together
to fully optimise the design in order to ensure favourable motion and sea-keeping ability and efficient fuel consumption (both in DP mode and during transit).

Seadrill Limited announced on Friday (Jan 15) that an agreement with DSME shipyard has been reached to
defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra,
until the second quarter of 2018 and first quarter of 2019 respectively.

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Image: lappino / shipspotting
Under the terms of the original construction contracts, the units were to be delivered by the end of the second quarter
of 2016 and the total final yard instalment for both units of over $800 million was due at that time.

This agreement significantly improves the Company's near term liquidity position by deferring these
capex commitments to 2018 and 2019 with no further payments to the yard until that time.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

On 15 January, Bibby Marine Services Limited, part of Bibby Line Group, signed a contract with the Damen Shipyards Group for delivery of its first Service Operations Vessel (SOV) with walk-to-work access. The vessel, Bibby WaveMaster 1, will undertake offshore wind project work in the North Sea. It is the first vessel purpose-built for the transfer and accommodation of offshore personnel and aims to maximise working time and staff retention. The design guarantees fast, safe and comfortable access to turbines, at lower cost, up to 80% of the time, including in worst case scenario Central North Sea conditions, resulting in a vessel capable of providing access up to 3.1 metre Hs.

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In line with wind farms being constructed farther from shore, the SOV with walk-to-work access is able to remain at sea for periods up to one month. Accommodation is provided on board for up to 45 turbine maintenance personnel and 15 crew members.

Damen Business Development Manager Peter Robert described the thinking behind the concept, saying:

“This is much more than just a vessel – it is a total access and accommodation solution. The development of this vessel has started with a blank sheet of paper, as opposed to being an evolved version of an existing design. It has been tailored specifically to the needs of the offshore wind industry. This is the first time that a wind farm operations and maintenance vessel has been designed exclusively for this purpose. Great care has been taken, over 2 years of development, to ensure suitability to the tasks for which it is designed.

“As a result, the vessel will ensure the safety and comfort of all on board for increased workability. This, in combination with other design features aiming at optimal workflow, ensures that the Service Operations Vessel offers a revolutionary performance in terms of cost-efficiency."

The attention to detail can be seen throughout the design. For example, the hull, at 90 metres, is longer than that of a conventional platform supply vessel and the bow section has been lowered by 1.5 metres to create a V-shape. This feature offers significantly reduced slamming and facilitates inclusion and improved offshore operation of the bow thrusters.

The aft ship has been adapted specifically to the tasks that the vessel is designed for, including stern to waves operations. The most pronounced features that have been included are the strong V-shape in the frames in the aft ship to reduce the slamming occurrence and loads and the concentration of volume in the mid-ship region to achieve a slender aft ship. Both features should make stern to weather operations more comfortable than on a common PSV design.

Comfort onboard stems also from ergonomic design application, which sees interior spaces grouped together into similar task areas. This not only separates ‘clean’ and ‘dirty’ tasks, but ensures short lines of communication and smooth workflow. The accommodation has been placed midships for additional comfort – the location reducing vertical acceleration by as much as 15%.

Efficiency is another key feature. The design includes a diesel-electric main propulsion system, which powers twin azimuth thrusters. Thanks to careful development, the vessel requires less installed power than a conventional PSV. This results from two factors – a symmetrical wind profile and use of a four split main switchboard.

Mr Robert: “The symmetric profile is created by locating the superstructure amidships instead of bow mounted. Because of this, the wind induced moment is less, resulting in lower required bow thruster power. The four split configuration of the main switchboard enables us to divide the generator sets more efficiently than in conventional arrangements with two switchboards. In the event of a failure only one of four switchboards would be out of action, as opposed to one of two. That leaves proportionally more power available, again requiring less total installed power.”

A high-performance, motion-compensated access gangway and active heave compensated crane are located to port side, close to the centre of gravity. The management systems of both features are aligned with the vessel’s DP system.

Proven to Master the weather

The DP capabilities have already been proven, with a first-of-its-kind scale model test at the Netherlands-based leading research institute, MARIN. During these tests, the scale model of the vessel was pitted against North Sea wind, wave, swell and current simulations.

The target was a 30-minute cycle, during which the vessel deploys the gangway and then transits in AutoTrack mode, several hundred metres, at speeds up to and beyond 6 knots to the following turbine without having to wait for an ideal weather window or having to rebuild the DP model at every turbine.

Flexible & versatile

The vessel will be used by Bibby Marine Services to serve the offshore wind industry although the design can just as easily be applied to the offshore oil and gas sectors.

A host of options are available for the vessel, including an additional deck crane with up to 24 tonnes capability, tanks arrangements suited to liquids such as glycols, tanks suited to low flashpoint liquids with separate delivery intakes and facilities for dive support and ROV operations.

Aker Solutions Awarded Two MMO Contracts From ConocoPhillips in Norway

Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured two contracts for work at North Sea fields
operated by ConocoPhillips.

The company received a framework agreement for a fixed period of five years to become ConocoPhillips' main supplier of maintenance
and modifications work offshore Norway.
The agreement may be extended by up to three years and covers work on all installations at the Ekofisk and Eldfisk fields offshore Norway, starting in February.

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Eldfisk 2/7 S integrated platform installed at the Eldfisk Complex in 2014 in the Ekofisk area Image: vbs-consult.no
The contract value depends on how much maintenance and modifications work is undertaken over the next five years and
could range between NOK 1 billion and NOK 3 billion in that period. The range neither represents a minimum nor a
maximum amount but serves to illustrate a realistic, yet uncertain range.

Aker Solutions was also one of three companies awarded a contract to compete for work on large, complex modifications projects at these fields.
This contract has the same fixed period and option as the framework agreement.

"We're very pleased to secure these two major agreements with ConocoPhillips,
which build on the strengths of our operations in Norway and our expertise in complex modifications
," said Luis Araujo, chief executive officer of Aker Solutions.

Work on both contracts will be managed and executed by Aker Solutions' MMO unit in Stavanger and fabrication yard in Egersund.
The agreements will also provide work for offshore employees.

"The Ekofisk and Eldfisk installations comprise one of the largest maintenance and modifications portfolios offshore Norway
and these contracts will help secure jobs in key parts of our Norwegian MMO business
" said Per Harald Kongelf, head of Aker Solutions' Norwegian operations.

ABB, the leading power and automation technology group, will provide the technology that will help
three vessels safely carry out construction and maintenance tasks up to 5 kilometers underwater.
The vessels will be equipped with ABB’s OCTOPUS software that uses sensors and the Internet of Things,
Services and People (IoTSP) to interpret weather conditions, allowing the crew to make informed decisions during sensitive operations.
The ships will be built for Ultra Deep Solutions at CSIC Huangpu Wuchang Shipbuilding Company Limited and China Merchants Heavy Industry.

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MT6027 DSCV design Image: Marin Teknikk AS
The largest vessel’s apparatus will include two remotely operated underwater vessels (ROVs), that will dive up to 3000 meters,
and a 400 ton crane that can drop 5 200 meters. It will measure 142 meters in length.

The OCTOPUS suite of products is a powerful tool that provides onboard decision support and operational advice during
weather-sensitive offshore operations by monitoring and forecasting vessel motions.
When working in deep-water without mooring or anchoring lines,
an important part of the set-up is the OCTOPUS-Operational forecast function.
This extension within OCTOPUS makes it possible to define an optimal operational window during weather sensitive operations on DP.

Juha Koskela, Managing Director of ABB’s Marine and Ports business, said,
“The broad scope of supply we have on these vessels is a demonstration of the wide range of solutions we have to offer the maritime sector.
These vessels will benefit from some of the most established software and hardware technologies in the shipping industry.”

The vessels also will feature ABB generators, motors, drives and switchboards.

Jithu Sukumaran Nair, General Manager of Shipbuilding at Ultradeep Solutions said,
“We are proud to be the first offshore vessel operator in the world to install the OCTOPUS weather monitoring system on board high tech dive vessels”

ZPMC-OTL Marine Contractor Ltd. (ZOMC) says Zhen Hua 30, the world’s largest self-propelled single boom crane vessel,
has set a world record by lifting 13,200 metric tons (14,551 tons) during testing.

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After completing integration of the 12 DP-II thrusters, final commissioning began at ZPMC’s Chanxiang base in December.

Throughout January, Zhen Hua 30 completed a series of lifting tests and verified the as-built capacity of the
main hook with a 7,700-ton (6,985-metric ton) lift in revolving mode and a 13,200-metric ton lift in tieback mode.

In addition to ABS, the testing was witnessed by several domestic and international clients as well as Chinese and Korean government
officials to confirm completion of the lifting testing.

The Zhen Hua 30 has an overall length of 297.6 m (976.4 ft), a breadth of 58 m (190 ft), and a depth of 28.8 m (94.5 ft).
It can accommodate 380 people.

ZOMC is a strategic joint venture between ZPMC Offshore Services Group and OffshoreTech LLC.
ZPMC Offshore Services Group, a subsidiary of Shanghai Zhenhua Heavy Industries (ZPMC) and OffshoreTech LLC (OTL) have
formed a strategic joint venture, ZPMC-OTL Marine Contractor Ltd.
The new JV is slated to pursue top-tier offshore T&I projects and decommissioning projects, while providing access to unique
niche vessels and engineering for execution of a broad range of complex offshore projects.

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced, that two of its drilling contracts have been terminated. Specifically, TOTAL E&P Congo on February 11, 2016 has given notification to terminate for convenience the long-term contract of the 7th generation ultra-deepwater drillship Ocean Rig Apollo. As per the contract Ocean Rig is entitled to a termination fee that varies from 50% to 95% of the operating daily rate that will be payable over the balance of the contract.

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Image: Ocean Rig
The Ocean Rig Apollo will demobilize from Congo in due course and is available for alternative employment. In connection with the termination of the drilling contract of the Ocean Rig Apollo, the Company has notified the agent under the respective loan agreement and is currently in discussions with its lenders about the consequences of such termination.

In addition, Premier Oil Plc. on February 12, 2016 has terminated the contract for the ultra- deepwater semisubmersible drilling rig the Eirik Raude operating in the Falkland Islands. Ocean Rig has accepted Premier Oil Plc.’s termination for convenience and is entitled to a termination fee of up to $62.9m.

In case Premier Oil Plc. contests the payment of such fee we intend to commence arbitration proceedings without any further notice. The Eirik Raude will demobilize from the Falkland Islands in due course and is available for alternative employment.

About Ocean Rig UDW Inc.
Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to Ocean Rig during 2017, 1 of which is scheduled to be delivered during 2018 and 1 of which is scheduled to be delivered during 2019.